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Inventories

12 Months Ended

Dec. 31, 2014

4. Inventories

Inventories are stated at the lower-of-cost-or-market with cost being determined principally by the first-in, first-out method, and are comprised of the following at December 31, 2014 and 2013:


(in millions)	2014		2013
Raw materials and supplies	$	250.0	$	227.6
Work-in-process		71.0		79.6
Finished goods		1,183.7		1,104.7

Total	$	1,504.7	$	1,411.9

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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